Connect with registration service provider to form One Person Company

One Person Company (OPC) is a completely new form of business, which has been introduced by The Companies Act, 2013 in India. This form of business is said to be the best business entity, especially, for small businesses. It includes only one person who will act as a director and as a shareholder as well. This revolutionary concept opens up the opportunities for all those who look forward to start their venture, but were held back because of requirements of finding a second director or a second shareholder. The best thing about OPC is that it takes away the hassle of finding the right co-partners for starting a venture.

Memorandum of Association of One Person Company is very important as it provides the details of the nominee who will become the member of the company in case of death or inability to act as a sole member. Apart from the MOA, there is one more thing which is needed to be considered is that its paid up capital should not exceed 0.5 Crore and sales should not cross the limit of 2 Crores. This form of business is formed as a Private Limited Company but needs to add OPC in the bracket after its registered name. Given below are some relaxations that are given to OPC in comparison to Private Company:

1. Provisions of Annual General Meeting is not applied to this company
2. In case of Board meeting, it should be conducted at least once in a half year. However the gap between two meetings should not be less than 90 days.
3. There is no need to maintain cash flow statements
4. In case of the absence of CS annual return can be signed by the director

Apart from the above mentioned benefits, there are some requirements that are needed for the registration of the company. Talking about the needs, the basic requirement to form OPC is that the member and nominee need to be a citizen as well as the resident of India. Other than this, a person is not eligible to form more than one OPC and lastly, the registered office should be in India.

These days, there are many business registration service providers that include a bunch of energetic young and highly experienced professionals who provide effective business registration services. These service providers take the hassle of getting the company registered away by offering qualitative services without making the big hole in your pocket. This means that now you can also get your One Person Company registered by contacting one of the service providers.

One Person Company is a new form of business entity that includes only one member and is the best venture for small businesses. In order to register your company, take the services of a reliable registration service provider.

get your One Person Company registered with the new concept by the companies act 2013 and start you a business with capital up to 50 Lac and turnover up to 2 crore.

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